Wells Fargo & Company on Friday (Oct. 1) announced the rollout of the Wells Fargo Reflect Card, a no-annual-fee card that gives holders rewards for making on-time payments.
Reflect is Wells Fargo’s second card in a suite of consumer credit cards, following the Active Cash that debuted in July.
“Following the successful launch of our Active Cash Card, we continue to stay focused on introducing cards that offer ‘industry-first,’ unique value propositions that suit customers at all stages of their financial lives, including customers who tend to carry a balance,” said Krista Phillips, head of branded cards and marketing for Wells Fargo Credit Cards, in the company announcement.
“Our new Reflect Card rewards cardholders for good financial habits, extending the introductory APR for up to three additional months when payments are made on time, a compelling differentiator we believe consumers deserve,” she said.
Reflect customers can extend the 18-month introductory 0% APR on purchases and qualifying balance transfers by up to three months with on-time minimum payments during the introductory and extension periods.
“These continue to be uncertain times for consumers, so we want to provide simple, reliable tools to help them take control of their finances,” said Phillips.
“Our customers know what works and what doesn’t work for them, and we’re pleased to offer a way to get a break from interest so they can plan for the future or pay off past expenses with a low, everyday APR even after the introductory period ends,” she said.
Wells Fargo will roll out a new rewards line of credit cards soon. Those cards will be accepted anywhere Visa Credit is accepted.
In September, Wells Fargo debuted a new digital infrastructure strategy that includes a multicloud method with third-party data centers, using Microsoft Azure and Google Cloud as cloud providers.
Azure will empower Wells Fargo’s creation of new solutions to work with any bank functions and provide a strong foundation for business workloads, while Google Cloud will provide advanced workloads and artificial intelligence (AI) and data solutions for added speed.